This is my first post on this wonderful forum and it's to request some help for an EA to trade a support and resistance strategy that uses fractals, slightly modified from the Bill Williams calculation. Every strategy needs a name and when I described this to a fellow trader, he said....oh, you want the trade the "jitter" around the highs and the lows.....so there you have it....the strategy is called Fractal Jitter.
Bill Williams Fractal Indicator
Must have 2 lower or higher candles before and after the fractal candle
Modified Fractal Settings
3 candles before and 5 candles after to create a fractal candle (with the option to modify the number of candles before and after)
This reduces the number of fractals that appear on a chart....it's 5 candles later before you confirm that a modified fractal candle exists.
The Pending Order
When a fractal candle is created, a pending order is created 2 pips (configurable) below the high or above the low of the modified fractal candle.
Take Profit Targets
Timeframes used are daily, weekly and monthly modified fractals.
- If the fractal is on daily, the TP is 20 pips.
- If the fractal is on weekly, the TP is 40 pips - overrides the daily TP when a daily fractal turns into a weekly
- If the fractal is monthly, the TP is 60 pips - overrides the weekly TP when a weekly turns into a monthly
Rollover Trades
Sometimes price does not hit the TP on the trade.....and there needs to be a method to create a rollover trade and that strategy is this: When a trade does not go in your favour, the rollover trade is created on the next fractal entry.....the TP on a rollover trade is 20 pips and the lot size on that trade is set to take the trade to BE in 20 pips, after considering whatever swap and fees exist on the trade and it calculates the trade size accordingly.
Once a fractal level is used, it is done and it cannot set a pending order at that location again.
Indicator
I think there is a need for an indicator to get this started.....and the indicator would be placed on a chart to mark where the pending orders would be and to work out the logic for how to create the pending orders.....then that strategy could be built into the EA. The indicator would allow for eye-balling the chart to see where the pending orders would be created...and allow for the strategy to be traded manually.
I cannot code worth a lick, and can only describe the strategy....and I see some of the dashboards creates here I am in awe. A dashboard that shows number of pips to next daily, weekly and monthly modified fractal would also be awesome.
If I am out of line to request help on something like this.....pretty sure Steve will tell me.
I have a couple of video I can share that review all of this....if there is any interest to help.
Cheers
